In March 2020, ZA Bank, Hong Kong’s first virtual bank, selected the OneSumX solution from Wolters Kluwer for regulatory reporting.
The banking industry is obligated to comply and report on regulatory compliance at a level beyond that required of most other industries. ZA Bank launched its virtual service on March 24, 2020, ushering in a “new era of innovation in the local market.” The decision to outsource the regulatory compliance and reporting aspect allows ZA Bank to focus on its primary service delivery objective of quality and to maintain agility in its operating model.
The OneSumX regulatory compliance service and solution is part of a bundle of governance, risk, and compliance services and technologies offered by Netherlands-based Wolters Kluwer, a recognized leader in regulatory reporting in the financial marketspace. In a recent proof of concept, PwC and Wolters Kluwer successfully demonstrated that by using artificial intelligence (AI) and machine learning (ML) in the regulatory reporting space, they could “build productive models with high accuracy and flexibility.”
With the increasing oversight and regulatory compliance requirements present across key industries such as the financial sector, stratification within the governance, risk, and compliance space is key. This high degree of specialization allows for the development of the customized levels of reporting and oversight needed to properly address the unique needs of the market segment in question.
Beyond maintaining an active watch internally, organizations must be vigilant to the rapid changes in regulations required in their business sector and by their stakeholders. In the world of international banking, this requires tracking the regulatory compliance rules and updates from dozens of countries around the world.
Amalgamating information from diverse internal systems and reporting to the specifications of international regulatory frameworks in a manner that is both consistent and adheres to the requisite level of detail is challenging. Providing management insight and simplifying regulatory compliance reporting are areas that will benefit from the integration of complementary analytics provided by AI and ML capabilities.
Source: SoftwareReviews Governance, Risk and Compliance Data Quadrant, Accessed April 22, 2020.